How smart entrepreneurs turn their start-up business ideas into a profitable reality!

As a coaching and consulting firm we review various business ideas from already successful as well as aspiring entrepreneurs every month. During this current calendar year alone we have reviewed and tested more than thirty business start-up ideas and new ‘disruptive products!’  Only 5% of these ideas had real potential and a mere 20% of the 5% were transformed into a profitable enterprise. This begs the question; Why did so many ideas fail the vice test? And what were the marked differences or specific traits that contributed to the success of only a handful of these ventures?

 

From our observation we had noticed the following three major reasons why some business ideas succeed while others fail:

  1. The Horse is as Good as the Jockey!

A brilliant person with great vision can take a good idea and turn it into a multimillion dollar enterprise, whilst a brilliant idea in the hands of an average person will never see the light. A good idea is like a horse that needs a brilliant Jockey to train it, engage it and then inspires it to run in a great race. Before you train the horse it’s essential that you coach the Jockey! If you allow the Jockey to train the horse before coaching the Jockey the horse will fail. Everyone needs a coach; the most successful athletes will not achieve their maximum capabilities without a coach. Time and again we come across tormented business start-ups that have spent tons of resources including time, talent and money on an ‘aspiring’ business idea with no avail. They blame the market, the economy, lack of funds and poor timing, but never stop to think that it could be them. Whilst they had the aspirations they never thought they needed inspiration. They try self motivating but fall short and then move on to a new idea. Before they know it, they have become failed serial entrepreneurs!

To avert the heartaches and the loss of resources on an aimless business challenge, astute business start-ups employ the services of a business mentor and or a strategic business coach. Thus, creating and building on a new business idea becomes an enjoyable and highly rewarding exercise.

  1. Chuck the Business Plan and Stick to Your Strategic Moves!

Some old-school business consultants believe that for a business idea to succeed it must have a business plan. What a load of bull! In this day and age of fast moving technology and innovation a business plan is a graveyard for any business idea. What today’s business start-ups need is a strategic plan as an incubator of the business purpose and vision, ‘the why’, until the idea is hatched and ready to go to market. Afterwards, an operational plan is required so that the intended strategic moves can be translated into viable tactics that can then be carried out based on What? How? Who? When? Where? and how to measure it.

Strategic moves can encompass, amongst others, an online business strategy and strategic marketing action plan. All these moves can be orchestrated and then implemented with the help of an experienced strategic thought leader or a strategic coach.

  1. Adapt Viable Business Model

Successful entrepreneurs take a good idea and rap a business model around it ending up with a profitable venture. The perfect example is an online business start-up. An average person thinks that the business is the website!

A visionary business leader acknowledges that an idea can be transformed into a profitable enterprise and a viable business model can create tangible value to the stakeholders whilst adding value for the customer.

In this case the business model becomes the keystone that holds the business together whilst the web site is merely an instrument that delivers and receives that value. That’s where the elements of a viable business model are assembled including; key partners, key activities, key resources, value proposition, customer relationships, channels to market, cost structure and revenue streams.

I sincerely believe that now is the best time to be alive and to be running a business venture. In the meantime, the technology charged business environment nowadays is extremely challenging, fast moving and incredibly rewarding to those who can master it. To succeed in any business venture one must not rely totally on his or her capacity but rather seek the help of professionals, think strategically and ensure that the business venture is encompassed within a viable business model.

By |2018-08-06T12:07:22+00:00February 26th, 2016|business coaching|

About the Author:

Michael Yacoub is the Founder & CEO of Advantex360. Michael has owned and operated several multi-million dollar, highly profitable businesses, with an approach based on breakthrough concepts and a deep understanding of the trends and patterns of successful strategic innovation. Michael is a prolific author of over 35 business development books and publications, he’s an accredited Blue Ocean strategist, international public speaker and winner of the Telstra Business and ASX Market Awards.